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Bolsa Mexicana de Valores, S.A.B. de C.V. (BOMXF)

NEUTRAL
Financial ServicesFinancial Data & Stock ExchangesMexico

基本面

55

价格

$37.84

市值

$20.67B

第一部分 · 这家公司值多少

概览

Grupo BMV runs Mexico's main stock exchange and the businesses built around it: the central depository that holds securities in custody, a central counterparty that clears trades, a listed-derivatives exchange, an over-the-counter fixed-income broker run as a joint venture with a British firm, and a market-data business. It is the largest exchange group in Mexico and one of the largest in Latin America.

盈利方式

Revenue is mostly fees on activity rather than trading for its own account: a fee on each trade executed and cleared, a fee for keeping securities in custody, listing and annual maintenance fees charged to companies whose shares or bonds are listed, and subscription fees for real-time market data. Custody is the steadiest of these, since it keeps earning as long as securities remain on deposit; trading and derivatives fees swing more with market activity.

护城河

网络效应 · 狭窄

An exchange group benefits from liquidity attracting more liquidity: brokers and investors gravitate to where trading volume and custody infrastructure are already concentrated. BMV still holds roughly 78-80% of Mexican equity trading, but a rival exchange, BIVA, launched in 2018 and has taken a meaningful share, so the advantage is real but no longer unchallenged.

需求驱动因素

周期性

Trading and derivatives fees rise and fall with market activity and investor risk appetite, and listing revenue depends on how many companies choose to go public or issue debt in Mexico in a given year, which itself follows broader market sentiment. Custody fees are the steadiest part of the business since they accrue as long as securities sit on deposit, regardless of how much they trade.

主要风险

  • Competition from a rival exchange — BIVA, a competing Mexican stock exchange launched in 2018, has captured a meaningful share of equity trading volume, and continued competitive pressure could erode BMV's pricing power on trading and listing fees over time.
  • Volatility in fixed-income brokerage revenue — The OTC fixed-income brokerage business declined in the third quarter of 2025 even as most other segments grew, showing that this line is more sensitive to swings in bond-market and interest-rate trading activity than the group's steadier custody and information-services revenue.
  • Dependence on Mexican capital-market activity — Capital-formation revenue depends on how many Mexican companies choose to list shares or issue debt rather than raise capital privately or list abroad, and periods of weak IPO activity in Mexico have historically weighed on this part of the business.

看多理由

Buyers argue that BMV's dominant share of Mexican equity trading and its near-essential custody infrastructure give it durable, high-margin fee income, and that growth in Mexican capital markets over time would flow largely through a group that already holds the country's core exchange infrastructure.

看空理由

Sellers fear that BIVA's rise shows BMV's dominance is not guaranteed, that Mexico's historically thin IPO pipeline limits how much the exchange business can grow organically, and that fee-based segments like OTC brokerage can swing meaningfully from quarter to quarter with market conditions.

Written by the editors, published on 2026年8月18日

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Who this company fights with for the same customers

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资产负债表与流动性

营收

$4.64B

截至最近已公布季度的最近12个月 — 根据每股指标估算

净利润

$1.61B

截至最近已公布季度的最近12个月 — 根据每股指标估算

自由现金流

$1.28B

股东权益合计

$7.25B

负债合计

$374M

流动比率

3.51

利息覆盖率

-

债务/EBITDA

0.17

每股收益

营收与净利润

自由现金流

收入构成

历史财务表

利润率变化

债务变化

债务负担有多重

增长一览表

增长 — 营业收入

公允价值估算

合理估值

公允价值

$37.64

当前价格

$37.84

安全边际

-0.5%

公允价值区间

$34.49 - $40.79

估算方法

Analyst Target:$42.38
DCF:$34.42
PE-based:$38.59
Graham Growth:$35.12
EPV:$34.86
分析师共识:买入 (5B / 7H / 0S)
最近财报超预期:+5.75%

估值指标

市盈率(P/E)

12.96

ROE

23.6%

市净率(P/B)

2.87

P/FCF

16.14

毛利率

50.2%

ROIC

22.7%

盈利能力雷达图

Value Creation (Economic Moat)

ROIC

22.7%

WACC

9.3%

ROIC − WACC

+13.4 pp

ROIC exceeds the cost of capital — the company is creating value for shareholders.

基本面分析标准

通过(11)

  • ROIC 22.7%
  • Gross Margin 50.2%
  • P/FCF 16.14
  • P/B Ratio 2.87
  • Debt/Equity ratio
  • Operating Margin 49.6%
  • Positive Free Cash Flow
  • Current Ratio
  • Debt/EBITDA
  • ROE 21.1%
  • Earnings Quality (OCF/NI) 1.22

未通过(10)

  • Price CAGR 3.22%
  • CapEx intensity
  • Price below Graham Number
  • DCF valuation (Fairly valued)
  • Revenue Growth 5Y 2.7%
  • Analyst Consensus 42% Buy
  • Earnings Surprise avg 0.5%
  • PEG Ratio 5.02
  • Net Margin Trend 35.8% vs 39.3%
  • Piotroski F-Score 2/9

不可用(6)

  • EPS data insufficient
  • Dividend Payout NaN%
  • Interest Coverage
  • Return on Tangible Assets
  • Low reliance on intangibles
  • Share Dilution (missing shares data)

Piotroski F-评分

2/9

存在严重财务隐患

score
criteria

盈利质量

1.22

高质量:盈利有现金流支撑

股权稀释

-

正在回购股份,对股东友好

公司治理

管理团队

姓名职位年龄
Mr. Jorge Pio Alegria FormosoMD & CEO60
Mr. Claudio A. Vivian GutierrezChief Information Officer & DGA of Technology-
Hanna Rivas KargDirector of Financial Planning & Investor Relations-
Clementina Ramirez de Arellano MorenoDirector of Legal & Regulatory-
Mr. Luis Rene Ramon AranaExecutive Director of Sales, Retail and Marketing & Director of Strategic Planning-
Rene Alfredo Heinze FlamandDirector of Human Resources-
Mr. José Manuel Allende ZubiriChief Capital Formation, Broadcasters, Information Services & Markets Officer-
Mr. Roberto González BarreraChief Post-Trade Officer-
Alfredo R. Guillén LaraExecutive Director of Capital Markets-
José Miguel De Dios GómezChief Executive Officer of MexDer-

第二部分 · 价格与买入时机

这一部分不判断公司是否值得拥有:它帮助你在基本面说服你之后,选择何时买入。包含:技术分析、潜力、历史回撤、Gamma 敞口。

Latest News

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